Attempting, Reporting and Submission Instructions

Consider the provided scenarios/situation from multiple angles and from the point of view of multiple stakeholders and then proceed to perform the required tasks.

While performing the tasks, make sure to apply the core concepts, methods, approaches and tools and techniques learnt in the course.

Highlight your main argument and provide relevant examples to clarify/support your argument or line of reasoning or the choice of a particular method/approach.

The submitted report/answers should adhere to copying rules/guidelines provided in the assessment folder; marks will be deducted, should the submitted work be found to be copied.

Use your own learning, thinking and insight to perform the tasks and answer the questions and avoid copying from other sources (online, books, fellow students).

Start reporting/writing result of each task performed or answer to a question from a new page, clearly specifying the task/question number/description.

Use clear language pertinent to academic writing, avoid spelling and grammatical errors, provide clear figures and illustrations and properly reference the cited sources (Lessons, articles, books etc.).

Name the document to be submitted as your name and class-code and submit as acrobat portable document format (PDF); make sure not to use word document (doc, docx) or any other format.

NOTE: ATTEMPT ALL QUESTIONS

Scenario:

ABC construction is a small business owned and managed by Mr. Ali. The company has 21 employees, few creditors, and no investor other than Mr. Ali. Thus like many small business, it has no obligation to issue financial statement to creditor or investors.

The business transactions during September, being organized are listed below.

1.Mr. Ali started business with cash Rs20000.

2.The business paid Rs5000 for utility charges.

3.Paid Rs2000 for office rent.

4.Sale goods for Rs 50000

5.Sale goods on credit to Amjid Rs20000

6.Purchase machine on credit Rs15000

7.Purchase land on Cash Rs30000

8.Paid Rs5000 for transection 6.

9.Collect Rs10000 form Mr Amjid.

10. Mr Ali Withdraw Rs 5000 from his business

Required:

1)Under these circumstances, is there any reason for this company to maintain accounting records if they have no obligation to issue financial statements?

2)Pass Journal entries for the Mr. Ali business for the month of September.

3)Post the data from Journal to ledger.

4)Make trail balance for Mr. Ali

5)Prepare Income statement, Owner equity statement and balance sheet